SpaceX (NASDAQ:SPCX) has reached an agreement to acquire Anysphere, the developer of the artificial intelligence coding assistant Cursor, in a stock-for-stock deal that values the company at $60 billion.

Elon Musk’s SpaceX has overtaken Amazon to become the world’s fifth-largest listed company after a blistering post-IPO rally, as the newly public firm unveiled a $60bn (£45bn) takeover of AI coding start-up Cursor.

Quick ReadSpaceX's $60 billion acquisition of Cursor signals the start of a broad AI acquisition strategy from a company now valued at $2.7 trillion.Musk estimates all existing chip fabs produce just 2% of SpaceX's future computing needs,